Bel Fuse Inc. (NASDAQ:BELFA) (NASDAQ:BELFB)
announced today that it has closed the acquisition of Powerbox Italia S.R.L., Milan, Italy, a supplier of AC/DC power supplies for applications in AC/DC front ends, broadcast communications, and battery charging. Terms of the acquisition were not disclosed.
Daniel Bernstein, Bel's President and CEO, said, "By adding established AC/DC power conversion products to our menu and important capabilities in the design and manufacture of these devices to our skill set, the acquisition of Powerbox creates exciting new growth opportunities for Bel, and is another important step in our strategy to closely align our design resources and products with the requirements of our customers. Many of Bel's key power customers are located in Italy, so this acquisition will allow us immediately to increase our revenue potential with Powerbox's medium to high power AC/DC power conversion products complementing Bel's current power DC/DC offerings. Powerbox's design resources will expand our technical capabilities in the AC/DC market, and as part of Bel's Power Products business, the Powerbox design team and product platforms also will enhance the product development efforts at Bel Power's design center in Hangzhou, China, as well as our Bel Power design location in Westborough, Massachusetts, which has specific expertise in digital controls."
Powerbox Italy was a division of Powerbox International AB, Stockholm, Sweden, a leading supplier of AC/DC power conversion products.
) and its divisions are primarily engaged in the design, manufacture, and sale of products used in networking, telecommunications, high-speed data transmission, commercial aerospace, military, transportation, and consumer electronics. Products include magnetics (discrete components, power transformers and MagJack
connectors with integrated magnetics), modules (DC-DC converters, integrated analog front-end modules and custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (micro, circular and filtered D-Sub connectors, passive jacks, plugs and high-speed cable assemblies). The Company operates facilities around the world.
Except for historical information contained in this press release, the matters discussed in this press release (including the statements regarding the impact of the acquisition on earnings and on the Company's business and regarding growth opportunities) are forward looking statements that involve risks and uncertainties.
Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing our customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions; capacity and supply constraints or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; risks associated with foreign currencies; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products; the Company's ability to integrate newly acquired businesses; and the risk factors detailed from time to time in the Company's SEC reports.
In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward-looking statements.